I see this happen all the time in Westchester County.
A homeowner wants to sell, they look at a few recent sales, hear what a neighbor thinks their home is worth, maybe check Zillow, and then say something like:
“Let’s price it a little high and see what happens. We can always reduce it later.”
On paper, that sounds harmless. In reality, overpricing a home in Westchester often costs sellers far more than a simple price reduction — sometimes tens or even hundreds of thousands of dollars.
As someone who has closed over $500 million in residential transactions across Westchester and works directly with buyers every day, I can tell you: the market punishes overpricing quickly and quietly.
Let’s talk about why.
1. The First Two Weeks Are Everything
When a home first hits the market, that’s when:
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Serious buyers are watching most closely
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Buyer agents are deciding whether to book showings
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Your listing is emailed, texted, and pushed to saved searches
If your home is overpriced during this critical window, you don’t get a second “first impression.”
In Westchester, where buyers are highly informed and comparison-shopping across multiple towns, an overpriced listing is often dismissed immediately — not debated.
By the time you reduce the price later, the listing is no longer “new.” Buyers start asking:
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What’s wrong with it?
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Why didn’t it sell?
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How desperate is the seller?
That shift in perception alone can cost you leverage.
2. Overpriced Homes Don’t Create Competition — They Kill It
Strong sale prices in Westchester don’t come from optimism.
They come from competition.
The best results I’ve achieved for sellers happen when:
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Multiple buyers are interested
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Showings stack up quickly
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Buyers feel urgency, not hesitation
Overpricing does the opposite. It reduces showings, slows momentum, and eliminates bidding wars before they can even start.
Ironically, many sellers who price “high to leave room” end up:
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Selling for less than market value
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After weeks or months of carrying costs
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With far worse negotiating power
3. Price Reductions Signal Weakness — Even When They Shouldn’t
A price reduction should be a strategic adjustment, not a rescue mission.
But in the real world, buyers often interpret price drops as:
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Seller distress
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Inspection issues
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Poor condition
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Over-eagerness to negotiate
Once a listing has been sitting, buyers stop asking “Is this the right home?” and start asking “How low will they go?”
That shift alone can erase the extra money sellers hoped to gain by starting high.
4. Westchester Is Not One Market — It’s Dozens of Micro-Markets
One of the biggest pricing mistakes I see is assuming:
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One comp = one value
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One street = one market
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One town = one buyer profile
In reality, Westchester pricing depends on:
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School district vs. mailing address
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Property taxes
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Lot usability
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Commute patterns
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Inventory in that specific price band
This is why online estimates and “safe” overpricing strategies often fail here. Precision matters far more than optimism.
5. Carrying Costs Quietly Eat Away at Your Net Proceeds
Every extra month on the market costs money:
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Mortgage payments
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Property taxes
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Insurance
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Utilities
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Maintenance
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Stress
Even sellers who eventually get close to their target price often net less than they would have by pricing correctly from day one and creating urgency.
My Philosophy: Price to Win, Not to Wish
At NestEdge Realty, my approach is simple:
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Price homes to attract the largest pool of qualified buyers
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Create urgency early
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Use market data — not guesswork
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Protect the seller’s leverage from day one
Because we also offer in-house mortgage lending, I have real-time insight into buyer affordability, rate sensitivity, and demand — not just closed sales from months ago.
That combination allows us to price strategically, not emotionally.
The Bottom Line
Overpricing doesn’t “buy you time.”
It usually costs you:
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Momentum
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Leverage
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Negotiating power
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And ultimately, money
If you’re thinking about selling your home in Westchester County and want an honest, data-driven pricing strategy — not a listing price designed to win your signature — I’m happy to help.
Matthew Gluck
Founder, NestEdge Realty
Westchester County Real Estate & In-House Mortgage Advisory
